Enstar Group (ESGR) said Tuesday its Lloyd's syndicate, or Syndicate 2008 has reached a ground-up loss portfolio transfer agreement with Atrium Syndicate 609, managed by Atrium Underwriters.
The deal covers Atrium's discontinued portfolios, including Marine Treaty Reinsurance, Property Treaty Reinsurance, and US Contractors General Liability.
Under the agreement, Atrium Syndicate 609 will transfer net loss reserves of about $196 million to Enstar's Syndicate 2008, based on Atrium's Q3 2024 carried reserves, Enstar said. The reinsurance covers business underwritten in 2023 and earlier, with all claims handling transferring to Syndicate 2008.
The transaction is expected to close in Q1, pending regulatory approvals and the fulfillment of other customary closing conditions.
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